people freely choose what to buy and sell and are guided by free enterprise.
competition among businesses determine the price of products.
businesses, industries, and resources are privately owned.
an economic and political system in which the government owns or controls almost all the means of production.
an economic system in which the government decides what to produce, where to market, and what prices to change.
gross national product (GNP)
total value of goods and services that a country produces in a year.
gross domestic product (GDP)
includes only those services and goods produced within the country.It becomes more useful when it is divided by the number of people living in a country. Per capita GDP is used to compare incomes.
Ways of life
Hunting and gathering, Agriculture, City-life, and industrialization.
richest, high levels of industrialization, people enjoy high standards of living, and include countries like Europe, the united states, Canada, Japan, and others.
world's poorest countries, low standard of living, includes most countries in Asia, Africa, and Central America.
percentage of people who can read and write.
family produces food for its own needs, practiced most widely around the world, and extra sold for important supplies like cooking oil, clothes, and fuel, little machinery.
market oriented agriculture
agricultural system in which farmers grow products to sell to consumers.
can cause problems, which is a feeling of pride and loyalty for one's country
taxes on imports and exports
limits to the amount of a product that can be imported
cuases of terrorism
A. want independence for homeland B. further political goals such as different public or social policies.
representatives of the world's cultures can discuss international issues and voice their concerns.